Month: May 2021

Analysts Predict Continued Improvement for Housing as Economy Strengthens in 2015

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago November 18, 2014 1,418 Views Tagged with: Forecast Freddie Mac Home Prices Home Sales Purchase Loans Refinances Home / Daily Dose / Analysts Predict Continued Improvement for Housing as Economy Strengthens in 2015 With only weeks left before 2014 comes to a close, many economic commentators are already looking to what next year could bring—including Frank Nothaft and Len Kiefer, chief economist and deputy chief economist at Freddie Mac.In the company’s latest Economic and Housing Market Outlook for the United States, the two analysts turn their attention away from 2014—a mixed year for housing, especially compared to 2013—and toward 2015, which they say will see continued strengthening in the market for home purchase mortgages as the economy improves on a broad basis.Looking at the larger economic picture, the economists predict a 3 percent growth rate for gross domestic product (GDP) in 2015, which would mark only the second year in the past decade in which growth was at 3 percent or higher.Also among the pair’s predictions for 2015:Interest rates will climb further: Having started the year off at 4.53 percent, mortgage interest rates spent the year’s opening months falling into the low 4 percent range before climbing throughout the summer and eventually dropping again. With yields on the 10-year Treasury expected to average 2.9 percentage points next year, the average 30-year fixed rate is forecast to gradually rise throughout the year, ending around 5 percent.Home price gains will slow even more: While price growth is expected to continue, it will come at a more moderate pace, Freddie Mac’s economists say. The company’s current projection is for prices to rise 3.0 percent in 2015 compared to 2014—down from 4.5 percent anticipated for this year and less than one-third the increase seen in 2013. While ongoing price gains will dampen affordability somewhat, the analysts don’t see it as a major concern: “Historically speaking, that’s moving from very high levels of affordability to high levels of affordability.”Home sales and housing starts will accelerate: Sales and new construction are the two areas where the housing market has disappointed this year, but that’s expected to improve. Freddie Mac predicts total housing starts will increase by 20 percent from 2014 to 2015, with single-family homes accounting for most of that pickup. Meanwhile, total home sales are expected to increase by about 5 percent over the year, marking the best sales pace in eight years.Home purchase mortgages will gain even greater share… but total originations will fall: Refinance originations are anticipated to account for only 23 percent of 2015’s loan volumes, coming down hard off the surge of recent years. Meanwhile, purchase lending is expected to fall short of filling that gap, resulting in an 8 percent annual drop in originations to $1.1 trillion.”Government fiscal drag has turned into fiscal stimulus, lower energy costs support consumer spending and business investment, further easing of credit conditions for business and real estate lending support commerce and development, and more upbeat consumer and business confidence, all of which portend faster economic growth in 2015,” Nothaft said of the forecast. “And with that, the economy will produce more and better paying jobs, providing the financial wherewithal to support household formations and housing activity.” Sign up for DS News Daily Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Analysts Predict Continued Improvement for Housing as Economy Strengthens in 2015 Forecast Freddie Mac Home Prices Home Sales Purchase Loans Refinances 2014-11-18 Tory Barringer Previous: U.S. Supreme Court Agrees to Hear Bank’s Appeal in ‘Stripping Off’ Mortgage Cases Next: DS News Webcast: Wednesday 11/19/2014 The Best Markets For Residential Property Investors 2 days ago Related Articles  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Tory Barringer in Daily Dose, Featured, Government, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

Analyst Forecasts Low Homeownership Rates Among Job Fields With Most Growth

first_img Previous: Replacement Checks Issued for Unclaimed Foreclosure Settlement Payments Next: DS News Webcast: Thursday 2/18/2015 About Author: Tory Barringer Analyst Forecasts Low Homeownership Rates Among Job Fields With Most Growth Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Share Save Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Market Studies, News Freddie Mac Homeownership Rate Jobs Unemployment 2015-02-18 Tory Barringer  Print This Post Home / Daily Dose / Analyst Forecasts Low Homeownership Rates Among Job Fields With Most Growthcenter_img Demand Propels Home Prices Upward 2 days ago Tagged with: Freddie Mac Homeownership Rate Jobs Unemployment The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago With job growth continuing on a strong track, a growing number of housing economists anticipate a comeback in homeownership—particularly among young adults—in the months and years ahead.However, a recent study from Freddie Mac turned up some discouraging results to throw some cold water on economists’ high hopes: The job fields that are expected to grow most in the coming years happen to have some of the lowest homeownership rates.Freddie’s analysts reached that conclusion after examining homeownership data from the Census Bureau’s American Community Survey and comparing it to the Bureau of Labor Statistics’ projections for job growth from 2012 through 2022.The findings?”What we find is that many of America’s fastest growing careers (in terms of numbers of workers) have average or below average homeownership rates,” said Freddie Mac’s deputy chief economist, Len Kiefer. “At the same time, the professions with higher homeownership rates are generally headed for average or subpar growth.”Kiefer explained that most of the projected openings in the next few years—about two-thirds—are in low-education jobs, which typically have lower than average wages, making it more difficult for those workers to handle housing costs.Among the top occupations for job openings are retail and food preparation, which have homeownership rates of 55.6 percent and 27.2 percent, respectively. The current U.S. rate is 64 percent.Other fast-growing occupations include cashiers (with a 36.8 percent homeownership rate) and waiters/waitresses (26.8 percent).On the other hand, jobs in professions with higher homeownership rates (70 percent or more) are generally likely to see growth of 10 percent or less. That category includes engineers, lawyers, doctors, and computer and math professionals.There were a few exceptions: Registered nurses, general and operations managers, accountants, first-line supervisors, and elementary school teachers (except special education) all have homeownership rates topping 70 percent, and all are expected to grow rapidly.Kiefer does make a few notes regarding the findings: For one, it relies on homeownership rates remaining steady across various professions. It also assumes that there won’t be any surprises in the job market when it comes to payrolls and wages.Unless there is a significant change, though, “the current jobs outlook does not suggest a major uptick in domestic homebuying power going into the next decade,” he said.”This also suggests the debate over how best to support sustainable homeownership will continue to be important in coming years,” he added. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago February 18, 2015 1,260 Views Subscribelast_img read more

Freddie Mac to Seek Punitive Damages in Deloitte Lawsuit, Report Says

first_img Tagged with: Deloitte & Touche Freddie Mac Mortgage Fraud Taylor Bean & Whitaker  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago Share Save Related Articles Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Government-sponsored mortgage giant Freddie Mac has decided to seek punitive damages in its $1.3 billion lawsuit filed against accounting firm Deloitte & Touche over some mortgage loans the GSE purchased from now-defunct mortgage servicer Taylor Bean & Whitaker, according to media reports.Freddie Mac’s lawyers accused Deloitte of “gross negligence” with regards to the purchased mortgage loans in an amended complaint that was unsealed Monday, according to the reports.When reached by email, a spokesman from Freddie Mac declined to comment on the lawsuit and would not specify how much more than the original suit amount of $1.3 billion that the GSE would seek from Deloitte in punitive damages.Freddie Mac sued Deloitte for $1.3 billion in a Florida court in September 2014 with regards to fraudulent mortgage loans the GSE purchased from Taylor Bean & Whitaker, according to reports. Freddie Mac says it would not have purchased those mortgage loans from Taylor Bean if Deloitte, which audited Freddie Mac from 2002 to 2009, had paid attention to red flags which indicated fraud.Freddie Mac claims that Deloitte’s negligence cost the GSE $1.3 billion. Freddie Mac was taken over by the government in September 2008 at the height of the financial crisis, and along with its fellow GSE, Fannie Mae, needed a $188 billion bailout from the government to stay afloat.Taylor Bean, which was once the largest non-bank mortgage servicer in the nation, filed for bankruptcy in 2009. In 2011, Taylor Bean’s chairman, Lee Farkas, was sentenced to 30 years in prison for fraud. Freddie Mac to Seek Punitive Damages in Deloitte Lawsuit, Report Says March 10, 2015 1,512 Views Deloitte & Touche Freddie Mac Mortgage Fraud Taylor Bean & Whitaker 2015-03-10 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago Previous: Report: Foreclosure Rate in Judicial States More Than Triple That of Non-Judicial States Next: DS News Webcast: Wednesday 3/11/2015 Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Brian Honea Home / Daily Dose / Freddie Mac to Seek Punitive Damages in Deloitte Lawsuit, Report Says Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Subscribelast_img read more

Lenders Offering More Second Chances With Increased Number of Subprime Loans

first_img Lenders Offering More Second Chances With Increased Number of Subprime Loans September 23, 2015 10,156 Views Previous: Court Dismisses BNY Mellon’s $600 Million RMBS Suit Against JPMorgan Chase Next: San Francisco Fed President Says Rate Hike Later in 2015 Would Be ‘Appropriate’ Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Credit Scores Equifax HELOCs Home Equity Lines of Credit Reverse Mortgages Subprime Mortgages Lenders across the U.S. appear to be offering borrowers a second chance at obtaining a mortgage by originating more subprime mortgages for borrowers with credit scores under 620.Equifax’s recent National Consumer Credit Trends Report found that subprime mortgage originations soared higher during the first five months of 2015.First mortgages, home equity installment (HE) loans, and home equity lines of credit (HELOCs) all experienced an uptick in subprime originations compared to the same period last year. The amount of first mortgage originations to borrowers with subprime credit scores increased 30.5 percent, HE loans rose 29.5 percent, and HELOCs rose 20.4 percent.”It appears that American lenders still believe in second chances, and without subprime loans, there would be no second chances in the housing market.” Equifax explained that although subprime orginations are rising, overall, these originations are only a small portion of total originations across the mortgage lending sector. Additionally, the subprime origination numbers remain below figure seen before the Great Recession.HELOCs lending is slower than some of the other options, the report noted. Only 7,800 of the 525,000 HELOCs originated in the first five months of 2015 were considered subprime.”The data make it very clear that almost nobody is getting HELOCs if they don’t have a credit score above 620,” said Amy Crews Cutts, chief economist at Equifax. “But we are seeing a rise in first mortgage and home equity installment loan origination subprime shares. It appears that American lenders still believe in second chances, and without subprime loans, there would be no second chances in the housing market. The underwriting on mortgages today is tough on everyone and we believe that the subprime lending that is happening is being underwritten even more carefully.”The data also found that lenders are working to reduce risk involved with subprime mortgage originations.”Despite the continuing rise in overall subprime originations, banks are still greatly limiting their high-risk exposure,” Cutts said. “The credit score of the borrower at the 10th percentile of newly originated first mortgages today is 650. For HELOCs, it’s 700. Looking back to the start of 2006, the credit score of the 10th percentile loan was 575 for a first mortgage and 645 for HELOCs. I think we are still a long way from the Goldilocks level of ‘just right.'”Key data on subprime originations from the Equifax National Consumer Credit Trends Report:Of the 3.26 million first mortgages originated year-to-date through May, 143,800—or 4.6 percent—were issued to consumer with an Equifax Risk Score below 620.Of the more than 280,700 HE loans originated year-to-date, 30,900—or 1.5 percent—went to those with low credit scores.As HE installment loan originations rose 22.4 from a year ago and surged to their highest level since 2008, subprime originations also jumped sharply, by 29.5 percent. The average origination loan amount of a new subprime HE loan also climbed, hitting $22,455 in May 2015—up 11.6 percent from May 2014.Click here to view Equifax’s National Consumer Credit Trends Report. Demand Propels Home Prices Upward 2 days ago About Author: Brian Honea The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Credit Scores Equifax HELOCs Home Equity Lines of Credit Reverse Mortgages Subprime Mortgages 2015-09-23 Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Lenders Offering More Second Chances With Increased Number of Subprime Loans The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. in Daily Dose, Featured, Market Studies, News  Print This Post Subscribelast_img read more

FHFA Credit Changes Could Expand Homeownership

first_img With the Federal Housing Finance Agency (FHFA) currently considering changing the credit score requirements for Fannie Mae and Freddie Mac, representatives from both FICO and its potential competition have been weighing in on the potential changes.In late December, the FHFA issued a Request for Input, seeking feedback about the possibility of changing the credit scores the GSEs requires lenders to use to evaluate borrowers. According to the FHFA’s December press release, “The Enterprises currently use Classic FICO for product eligibility, loan pricing, and financial disclosure purposes.” The Request for Input seeks public comment on the possibility of allowing the GSEs to also let lenders use FICO 9 (an updated version of FICO’s original scoring algorithm) or VantageScore 3.0 (a rival model developed by credit reporting agencies Equifax, Experian, and TransUnion).Those critical of the GSEs’ current requirements claim that they bar millions of Americans from home ownership. According to a 2015 Consumer Financial Protection Bureau study, 26 million Americans do not have any credit record, and another 19 million have credit records considered unscorable due to insufficient credit history or a lack of recent credit history.As reported by Financial Times, VantageScore said in a public statement that “Monopolies never benefit markets or consumers and they create the opportunity for pricing power unchecked by competition.”FICO Senior Director Joanne Gaskin replied, saying, “FICO welcomes competition—we just want to have fair competition.” A FICO representative further added that FICO “stands for safe and responsible access to credit, not lowering the standards which would pass the burden onto taxpayers.”FICO’s algorithm attempts to predict a consumer’s likelihood to repay their debts based on factors such as payment history, assigning a rating between 300 and 850. The updated FICO 9 system, according to FICO, provides a more sophisticated analysis of a borrower’s potential creditworthiness than the original system currently required by the GSEs. The competing VantageScore 3.0, first released in 2013, uses the same scoring range but different criteria, including payment history, age/credit type, percent of credit limit used, total balances/debt, recent credit, and available credit.Gaskin also countered VantageScore claims that the GSEs adoption of VantageScore would bring in millions of new borrowers. “All of our data would suggest absolutely the otherwise,” said Gaskin.Options being considered by FHFA include using both FICO and VantageScore scores, or allowing lenders to choose one or the other. The FHFA is seeking comment until February 2018. Input can be submitted electronically by clicking here. The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: credit requirements Credit Scores Fannie Mae Federal Housing Finance Agency FHFA FICO Freddie Mac GSEs VantageScore January 2, 2018 2,511 Views Related Articles in Daily Dose, Featured, Government, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: David Wharton  Print This Post Demand Propels Home Prices Upward 2 days agocenter_img FHFA Credit Changes Could Expand Homeownership Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: President Trump Signs Tax Bill Into Law Next: Cities Where 50 Percent of Households Can’t Afford a Home The Best Markets For Residential Property Investors 2 days ago credit requirements Credit Scores Fannie Mae Federal Housing Finance Agency FHFA FICO Freddie Mac GSEs VantageScore 2018-01-02 David Wharton Home / Daily Dose / FHFA Credit Changes Could Expand Homeownership Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more

Spotlight on Single-Family Rentals

first_img Affordability Single-Family Rentals Steve Guggenmos 2019-01-02 Donna Joseph Spotlight on Single-Family Rentals Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Sign up for DS News Daily Share Save Demand Propels Home Prices Upward 2 days ago Single Family Rentals (SFRs) are the largest source of rental housing in America, especially in rural areas where they account for two-thirds of the rental housing stock, according to a Freddie Mac white paper titled “Single Family Rental: An Evolving Market.” SFRs provide housing to 25 million Americans and is valued at more than $4 trillion. Apart from the select few institutional investors with access to capital markets, the secondary market opportunities for SFR loans are limited, according to Freddie Mac.Secondary market opportunities for SFR loans are limited. Apart from these select few institutional investors with access to the capital markets, there are limited secondary market opportunities for SFR loans with middle-tier investors that would provide liquidity and stability. The paper also stated that there is no uniform set of terms and credit standards for loans on SFRs. Steve Guggenmos, VP of Multifamily Research & Modeling at Freddie Mac said, “Freddie Mac’s pilot program in this space sought to demonstrate how secondary market infrastructure focused on SFRs might benefit the marketplace.” He also noted that the single-family rental market assumes great significance as data reveals it to be an “affordable housing option for many American families.” The growth of SFRs is also driven in part by difficulties in achieving homeownership, according to the paper. Among survey respondents who planned to purchase a home within the next five years, the financial requirements of purchasing a home such as down payment and a sufficient credit score were cited as primary concerns. SFRs allowed these aspiring homeowners to pursue single-family living either in the interim or longer term. The key findings of the paper found that SFR makes up about half of the overall rental market—the single largest segment of the rental market by valuation and households served. An overwhelming majority of rentals in the SFR space is owned and operated by individuals or very small investors. The middle-tier market, on the other hand, is a slow-growing investor market with further potential for growth. Large-scale institutional investors constitute only approximately 1 percent of SFRs, as they are still new to the market.The paper also indicated that out of the 22.6 million renter households living in SFRs, about five million live in rural areas, while 17.6 million live in non-rural areas—comprising 66 percent of the stock. According to Freddie Mac, this speaks to the importance of this form of rental, meeting the needs of rural residents. Conversely, SFRs are also an important part of the rental market for households living in Areas of Concentrated Poverty (ACP). In non-rural markets, where there is a greater concentration of homes, more middle-tier and institutional involvement was recorded at 4.8 percent of properties associated with portfolio sizes 51 to 2,000 properties and 1.6 percent in portfolios with greater than 2,000 properties— leaving 93.6 percent of the properties in small and very small portfolios. Read the full report here.Focusing on how to build, manage and grow investment opportunities, 2019 will see an array of housing and mortgage professionals come together at The Guest House of Graceland, Memphis, Tennessee between March 11-13 for the Single Family Rental Summit. The Summit will feature subject-matter experts who will answer questions and offer viable solutions related to property management, acquisition, disposition, and financing. Click here to register for the summit. Home / Daily Dose / Spotlight on Single-Family Rentals About Author: Donna Joseph The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Housing Finance in 2019 Next: Top 10 Housing Markets Poised for Growth January 2, 2019 2,499 Views center_img The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Affordability Single-Family Rentals Steve Guggenmos  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News, Servicing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

GSE NPL Sales: Working Toward ‘Favorable Outcomes for Borrowers’

first_img Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago According to the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac have completed a total of 117,466 nonperforming loan sales as of December 31, 2018. The FHFA’s Enterprise Non-Performing Loan Sales Report states that these sales held a total unpaid principal balance (UPB) of $22.2 billion. According to the FHFA, the purpose of the sale of non-performing loans (NPL) by the GSEs is to reduce the number of delinquent loans held in their inventories and transfers credit risk to the private sector.  “The sales help achieve more favorable outcomes for borrowers and local communities than the outcomes that would be achieved if the Enterprises held the NPLs in their portfolios,” the FHFA states. “The sales also help reduce losses to the Enterprises and to taxpayers.”The NPLs sold by Fannie and Freddie as of December 31 had an average delinquency of 1.4 to 6.2 years and an average loan-to-value ratio of 92%. Nearly half of the loans sold (45%) are from New Jersey, New York and Florida. The FHFA states that prior to the start of NPL program sales in 2015, these three states accounted for 47% of the GSE’s loans that were one year or more delinquent.According to the FHFA, NPLs sold by the GSEs on occupied homes had the highest rate of foreclosure avoidance outcomes, at 33.5% compared to 14.3% for vacant properties. Likewise, these vacant properties had a significantly higher rate of foreclosure, at 72.9% compared to 32.2% for borrower occupied properties.Fannie Mae’s last NPL sale included 4,300 loans totaling $770.13 million in UPB. The winning bidders of the four pools for the transaction, expected to close on July 23, 2019, were Igloo Series IV Trust (Balbec Capital, LP) for Pool 1, MFRA Trust 2015-1 (MFA) for Pool 2, Elkhorn Depositor LLC (Roosevelt Mortgage Company, LLC) for Pool 3, and VRMTG ACQ, LLC (VWH Capital Management, LP) for Pool 4.Fannie Mae originally announced this NPL sale on May 14, 2019, a day after Freddie Mac announced the completion of its auction of 1,789 non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio on Tuesday. The loans totaled around $307 million, and are currently serviced by NewRez LLC, doing business as Shellpoint Mortgage Servicing. The transaction is expected to settle in July 2019. Previous: The AI Factor: Charting the Industry’s Road Ahead Next: The Silver Lining: Natural Disasters and Tech Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Foreclosure Investment NPL 2019-06-18 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News, Secondary Market About Author: Seth Welborn Share Save June 18, 2019 2,097 Views Tagged with: Foreclosure Investment NPL The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / GSE NPL Sales: Working Toward ‘Favorable Outcomes for Borrowers’ Demand Propels Home Prices Upward 2 days ago  Print This Post Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Related Articles GSE NPL Sales: Working Toward ‘Favorable Outcomes for Borrowers’ Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

Update on Executive Hires and Partnerships

first_img About Author: Seth Welborn  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News November 21, 2019 1,141 Views Demand Propels Home Prices Upward 2 days ago Red Bell Real Estate, LLC, a Radian subsidiary, was named among a select group of automated valuation model (AVM) providers by credit rating agency, Fitch Ratings, to supply AVMs in support of Fitch’s rating of residential mortgage-backed securities (RMBS) transactions.“Red Bell is proud to offer an exceptional quality AVM that meets the high standards of Fitch Ratings,” said Eric Ray, senior EVP, Technology and Transaction Services, Radian. “It is exciting that Fitch has recognized Red Bell’s AVM offering, among its peers and we are thrilled that they are leading the way toward increased acceptance of AVMs in the marketplace. This recognition is also a testament to Red Bell, a subsidiary of Radian, as a unique company that uses proprietary technology, data and analytics to disrupt the real estate value chain.”In recent years, Fannie Mae and Freddie Mac have both initiated programs that leverage AVMs in determining waivers for full appraisals. In addition, last month, federal banking regulators including the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank, approved a change to banking regulation to allow AVMs to be used in mortgage lending on loans up to $400,000, an increase from the prior $250,000 de minimis limit. These actions by informed market oversight entities provide additional confirmation that the reduction of bias and improvement in accuracy of AVMs over manual products creates opportunity to help consumers achieve their dream of homeownership more quickly and more cost effectively. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Pulse Update on Executive Hires and Partnerships Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Pulse 2019-11-21 Seth Welborn Related Articles Oklahoma-based Gateway First Bank has announced the appointment of Deirdre Cherry as its CCO.As CCO, Cherry will be responsible for the review of Gateway’s loan portfolio on a continuing basis to guide risk-appropriate growth, assist in the detection of deterioration in loan quality and review the portfolio to ensure compliance with state and federal regulations.“We are committed at Gateway to bringing in the best talent in the industry, and Deirdre is no exception with her depth and breadth of experience in the banking industry,” said Stephen Curry, CEO of Gateway. “Her knowledge on credit training, pricing models, collateral evaluation and risk rating will help us as we continue to grow as a company.”Cherry has been in the banking industry for more than 30 years, primarily with JPMorgan (and its predecessor institutions) and Bank of America. Her experience has focused on providing credit solutions to clients ranging from large corporations through the ultra-high net worth private client segment. In addition to single-lender transactions, she has designed or participated in agented syndicated facilities, club deals and derivative solutions. Cherry has significant experience managing teams and presenting the credit proposition to internal and external audiences. She earned a master’s degree in Business Administration from Pace University and a bachelor’s degree in Economics from Santa Clara University._____Potestivo & Associates, P.C. is has announced the promotion of Megan M. Johnson, effective October 25, 2019. Johnson has been promoted to the role of VP, and in her new capacity she will oversee firm management and operations.Johnson brings a wealth of knowledge and experience to the role of VP.  She joined the firm in February 2004 as a Junior Foreclosure Coordinator, and quickly moved up the ranks. During her time at the firm, she has served in various positions that have provided her with well-rounded experience and given her a firm understanding of the ins and outs of the real estate finance and credit industry.  Among those positions are Director of Foreclosure Operations, Quality Control/Client Relations Manager, and Director of Business Development.Brian Potestivo, President-Managing Attorney, stated, “With Megan’s unique combination of knowledge, commitment, and hard work she has proven time and again that she has the skills and attitude necessary to help guide the firm forward by utilizing our key strengths in the production of high quality work, effective practices and procedures, and proven solutions for our clients.  Megan has been an asset to the firm for many years, and we look forward to her continued knowledge and service.”_____ Home / Daily Dose / Update on Executive Hires and Partnerships Demand Propels Home Prices Upward 2 days ago Previous: Fitch Selects Red Bell Real Estate Model for RMBS Ratings Next: Blackstone Group Leaves Single-Family Rental Business Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

House Hunters Face Fierce Bidding Wars

first_imgHome / Daily Dose / House Hunters Face Fierce Bidding Wars Previous: The Week Ahead: Industry Braces for the Forbearance Exodus Next: Ex-GSE CEO Sees Hope in Toomey’s Housing Reform Plan The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Sign up for DS News Daily 2021-03-26 Christina Hughes Babb Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News About Author: Christina Hughes Babb House Hunters Face Fierce Bidding Wars Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 26, 2021 1,274 Views House hunters, especially those seeking a higher-end single-family home, should be prepared for some fierce competition.It is nothing new.Countrywide, 60.9% of home offers written by Redfin agents in February faced competition, up a little from  59.3% in January—that makes 10 straight months in which more than half of Redfin offers encountered competition.Indeed, bidders have been battling one another throughout the pandemic, as they face heightened demand for larger single-family residences, dwindling inventory, and increased desirability brought on by lower-than-ever interest rates.Even as interest rates inch up, the want for homes continues to increase, according to the latest data from Redfin.”The uptick in mortgage rates is likely fueling more bidding wars in the short term because house hunters are rushing to buy homes before rates rise even further,” said Redfin Chief Economist Daryl Fairweather. “If mortgage rates move significantly higher, we’ll likely see some buyers move to the sidelines, which will curb competition in the long run.”Redfin reports that buyer battles today are more intense than any of its agents have seen in the past, with the most attractive houses receiving dozens of offers, selling at breakneck speed and for tens of thousands of dollars above the asking price.Rapid sales and buyers’ willingness to pay so much more than the listed price is a sure sign of a market that doesn’t seem to be cooling.In February, homes essentially went under contract in 32 days—23 days faster than a year earlier—and a record 36% of homes went for more than their asking prices, Redfin reported.“Every home I put on the market for under $700,000 is selling in a day,” said Heather Kruayai, a Redfin real estate agent in Jacksonville, FL. “I recently listed a three-bedroom single-family house in Durbin Crossing that got 30 offers. I’ve never seen that in my life. We had to stop showings because the sellers just couldn’t accommodate that many people coming through their house. Buyers were calling me up themselves and pleading with me to pick their offers. My client ultimately chose the bidder who had the highest offer and agreed to pay the difference if the appraisal came in lower than the contract price.”Redfin’s data determined that Salt Lake City, Utah; San Diego; Phoenix, Arizona; Denver; and San Francisco were the most competitive markets in America.“You have to pull out all of the stops. Successful buyers are offering $30,000 to $50,000 over the asking price, limiting or waiving inspections, offering free rent-back, and agreeing to make up the difference in the event of a low appraisal,” said Monica Arnett, a Redfin real estate agent in Denver.  “I had one client offer $800,000 in cash on a $750,000 listing. They were outbid by someone who offered $900,000.”Redfin researchers recently examined strategies homebuying hopefuls and their agents can embrace to better their chances of winning when a bidding war breaks out.One of the best ways to come out on top, Redfin found, is to make an all-cash offer, which, researchers say, almost quadruples a prospective buyer’s chances, raising the odds by 290%. Waiving the financing contingency also is an effective strategy,  improving homebuyers’ odds of winning by 66%, according to an analysis of data on thousands of offers written by Redfin agents on behalf of their homebuying clients from July 2020 to February 2021.For the full reports, visit Redfin.com/news.  The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Related Articleslast_img read more

Mc Conalogue, Mc Hugh and Byrne meet to show united front on A5

first_img NPHET ‘positive’ on easing restrictions – Donnelly Guidelines for reopening of hospitality sector published By News Highland – November 18, 2011 WhatsApp Pinterest Facebook Facebook Mc Conalogue, Mc Hugh and Byrne meet to show united front on A5 RELATED ARTICLESMORE FROM AUTHOR LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Claim MLA Byrne and Donegal TD’s…Joe Byrne SDLP MLA for West Tyrone hosted a meeting in Strabane on Thursday evening to discuss issues surrounding the construction of the A5 WTC road through the North West. Attending the meeting were TD’s, Joe McHugh (FG) of Donegal North East and Charlie McConalogue (FF) also from Donegal North East.The purpose of this meeting was to agree on a joint approach in continuing with an intensive lobby to get the A5 roads project started as soon as possible. Joe Byrne said, “For the last ten days I have been in touch with many politicians on both sides of the border and with many Government officials in the North and South regarding this project. This roads project is the most important capital investment infrastructure scheme for the people of Donegal, Derry and Tyrone”.This jointly funded project is the most significant economic project resulting from cross border Co-Operation arising from the Good Friday Agreement and the Saint Andrews Talks.Deputy McHugh confirmed that he has formally contacted the Taoiseach, Tánaiste and Mr. Pat Colgan from the SEUPB (Special EU Programmes Body) in his capacity as co chair of the British/Irish Parliamentary Assembly, with support from Padraig MacLochlain TD.Charlie McConalogue said, “I would like to thank Joe Byrne for organising the meeting and for his approach to ensuring the A5 project continues according to the original plans. It is absolutely crucial at this stage in my view that the project can start and that the Northern Executive funds remain committed to it so that the Irish Government can match the funding, albeit over a longer time scale”.In conclusion Joe Byrne said “This project is the acid test for North/South cross border co-operation of a practical and meaningful level for the people of the North West. Finally, the Northern Ireland Executive must not divert the earmarked capital funds for the A5 project to other parts of the North. This road is crucial for the future economic development of the North West”. WhatsApp The statement in full“UNITED WE STAND” on the A5 road…center_img Pinterest Two Donegal North East TDs have combined with a West Tyrone MLA in a bid to ensure that the pressure is kept on both governnments to deliver the A5 upgrade.Fine Gael’s Joe Mc Hugh and Fianna Fail’s Charlie Mc Conalogue met with the SDLP’s Joe Byrne in Strabane last night and pledged to keep a united front on the issue.Joe Byrne says while Deputies Mc Conalogue and Mc Hugh are pursuing the issue in the Dail, he’ll be keeping up the pressure in the Assembly……..[podcast]http://www.highlandradio.com/wp-content/uploads/2011/11/joeb10.mp3[/podcast] Previous articleThree Civic Amenity Sites to be taken over by private contractorNext articlePaul Hannigan rejects figures showing he earns more than the Taoiseach News Highland Google+ Google+ Newsx Adverts Three factors driving Donegal housing market – Robinson Twitter Twitter Calls for maternity restrictions to be lifted at LUH Almost 10,000 appointments cancelled in Saolta Hospital Group this weeklast_img read more